What, for example, was the point of certifying that someone had mastered the skills necessary for security analysis in the style of Graham and Dodd if the results of such analysis did not, in general, improve investment decisions? James Lorie, director of the University of Chicago's Center for Research in Security Prices, told a reporter for the magazine Institutional Investor that money managers should "give up conventional security analysis. Its occasional triumphs are offset by its occasional disasters and on the average nothing valuable is produced" (Welles 1971, p. 58). David Goodstein, an investment manager who was a convert to the new ideas, put the same point more bluntly: `A lot of people are simply going to be put out of business. I mean, what are they really doing? What value are they adding to the process? What passes for security analysis today, in my opinion, is 150,000 percent bullshit."

Donald MacKenzie, An Engine, Not a Camera, loc. 351